No accounting for insurance?

Insurance accounting is not for the uninitiated. But with the right introduction it needed’t present major issues. Getting that right introduction is where Searchlight comes in.

Our’s one-day interactive workshop on Insurance Accounting tells you everything you need to know about the ins and outs of accounting in an insurance context. It’s equally suited to non-accounting staff and to staff who are new to insurance accounting.

The workshop explains the basics of financial accounting for insurance companies and Lloyd’s syndicates as well as the operational and risk aspects that drive insurance technical accounts and reinsurance accounting. It also provides an analysis of the Solvency II implications from an accounting perspective.

Anyone who comes along will be able to:

  • Understand the key financial statements and the types of accounts prepared by insurers
  • Establish how the business of insurance drives the technical elements of the accounts and reinsurance accounting.
  • Understand the judgements and calculations applied in determining technical assets and liabilities,
  • Provide high level overview of the source of accounting principles applicable to insurers
  • Look at how the business of insurance and accounting principles give rise to the need for accounting judgements
  • Apply the theory to review various examples of published accounts
  • Review the business risks to be identified for capital allocation.
  • Understand how Solvency II balance sheet compares to GAAP balance sheet

Among the topics covered are:

  • The cycle of the technical areas of premiums, claims and reinsurance to see how they are reflected in the accounts
  • How technical balance sheet and income statement elements are disclosed
  • The bases of reinsurance accounting
  • Calculation techniques for the technical judgement areas, such as IBNR reserves and unearned premiums
  • Case studies of business risks
  • Solvency II balance sheet requirements including a comparison to GAAP balance sheet and income.

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